ECON 7200NA - Economic Principles (M)

Ngee Ann-Adelaide Education Centre - Trimester 1 - 2015

The purpose of this course is to introduce students to the basic principles of macroeconomics and microeconomics so that they can understand economic events and the behaviour of the various economic agents involved, analyse their impact on markets and propose appropriate courses of action. To do this, the student should be able to utilise the tools of economic analysis to perform company and industry competitive analysis and should understand and be conversant with the various economic indicators used.

  • General Course Information
    Course Details
    Course Code ECON 7200NA
    Course Economic Principles (M)
    Coordinating Unit School of Economics
    Term Trimester 1
    Level Postgraduate Coursework
    Location/s Ngee Ann-Adelaide Education Centre
    Units 3
    Available for Study Abroad and Exchange N
    Course Description The purpose of this course is to introduce students to the basic principles of macroeconomics and microeconomics so that they can understand economic events and the behaviour of the various economic agents involved, analyse their impact on markets and propose appropriate courses of action. To do this, the student should be able to utilise the tools of economic analysis to perform company and industry competitive analysis and should understand and be conversant with the various economic indicators used.
    Course Staff

    Course Coordinator: Bingxuan Lin

    Name: Dr. Bingxuan Lin
    Telephone: +1.401.874.4895
    email: bingxuan@gmail.com
    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

    Please refer to Ngee Ann-Adelaide Education Centre Schedule.
  • Learning Outcomes
    Course Learning Outcomes
    Economics is often divided into two streams: microeconomics and macroeconomics. Microeconomics focuses on the behaviour of the economic units, such as firms, households and individuals. Macroeconomics looks at the economy as a whole, especially the behaviour of aggregate measures such as the rate of unemployment, the rate of inflation, gross domestic product, exchange rates, economic growth and the business cycle. We will be selecting issues from both fields for your attention. Basic theoretical tools are introduced as required to deal with the issues being discussed. In the process, we will introduce you to a large number of economic concepts, analytical tools, the ‘language’ of economists and why it is pertinent that Master of Commerce students understand these. The aim of the course is to provide students with an understanding of the key macroeconomics and microeconomics principles in order to make effective business decisions. That is, the aim of the course is to develop your economic literacy skills.

    As you study each topic it will be related to a current economic policy question, management or business strategy issue or social issue. By the time you complete this course, you should be able to analyse a business problem form an economic perspective and then be able to effectively communicate economics concepts with economists and non-economists in a variety of contexts.

    In order to develop your economic literacy this course has the following learning objectives;
    1. To understand the more important economic principles;
    2. To apply economic principles to solving business problems;
    3. To develop analytical skills;
    4. To develop both independent learning and group work skills
    5. To understand the broader social consequences of economic decisions making.
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 2 & 3
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 2 & 4
    Skills of a high order in interpersonal understanding, teamwork and communication. 3
    A proficiency in the appropriate use of contemporary technologies. 3
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 5
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 5
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 5
  • Learning Resources
    Required Resources
    Hubbard, G., Garnett, A., Lewis, P. and O’Brien, T. (2015) Essentials of Economics 5th edition, ISBN 978-0-13-345544-1
    Recommended Resources
    Regularly reading business newspapers are strongly recommended, such as Business Times (Australia), Financial Times (England), Wall Street Journal (USA).

    This course sticks quite closely to the prescribed textbook, even though the sequencing is not quite the same, so you should buy a copy of the textbook.
    Online Learning
    Important messages, topic notes, power point slides and other materials relating to the course will be placed online throughout the course. The address for the course website is:
    https://sites.google.com/site/econ7200na/
  • Learning & Teaching Activities
    Learning & Teaching Modes
    The course is based on seminars and class exercises. It includes two intensive 17 hour sessions.
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This means that you are expected to commit approximately 9 hours for a three-unit course or 13 hours for a four-unit course, of private study outside of your regular classes.
    Learning Activities Summary
    Time Topic Title Reading
    Jan 23
    7-10pm 
    Opportunity cost/Scarcity and choices
    Comparative Advantage
    Supply and Demand
    Chapter 1
    Chapter 2
    Chapter 3
    Jan 24
    1-8 pm
    Elasticity
    Economic Efficiency
    Consumer Demand
    Rationality/Behavioural economics
    Chapter 6
    Chapter 4
    Chapter 10
    Chapter 10
    Jan 25
    9-4 pm
    The Firm: Technology, Production and Costs
    Firms in Perfect Competition
    Monopoly
    Externalities, Environmental Policy and Public Goods
    Chapter 11
    Chapter 12
    Chapter 15
    Chapter 5
    Feb 13
    7-10pm
    GDP: Measuring Total Production and Income
    Unemployment and Inflation
    Economic Growth
    Chapter 19
    Chapter 20
    Chapter 21
    Feb 14
    1-8 pm
    Long-Run Economic Growth: Sources and Policies
    Aggregate Expenditure and Ouput in the Short Run
    Aggregate Demand and Aggregate Supply Analysis
    Monetary Policy
    Chapter 22
    Chapter 23
    Chapter 24
    Chapter 26
    Feb 15
    9-4pm
    Fiscal Policy
    Inflation, Unemployment and Federal Reserve Policy
    Macroeconomics in and Open Economy
    The International Financial System
    Chapter 27
    Chapter 28
    Chapter 29
    Chapter 30
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    Class participation: 10 per cent
    Mid semester test: 20 per cent
    Group assignment: 30 per cent
    Final Examination: 40 per cent
    Assessment Related Requirements
    Attendance

    Statutory obligations in Singapore are such that attendance in person is a compulsory condition of passing a course. Our specific requirements are that students must attend at least 80% of class sessions to be graded for that course. For these purposes each intensive weekend is defined as comprising 5 sessions with 1 on Friday evening and 2 on each of Saturday and Sunday.

    Each course in total comprises 10 sessions; Students must attend a minimum of 8 sessions to be eligible to be given a grade for the course. Students failing to meet these requirements will be automatically graded 0% Fail (F) on their transcripts.
    Assessment Detail
    Individual assessment task will be provided in class.
    Submission
    Details will be provided in class.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

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